There has been a few changes in schedule and frequency to the the CFA exam dates in recent years.
For those considering the CFA exams:
No worries, we’ve analyzed all available CFA pathways and mapped them out for you in our clearcut CFA Journey Planner – check it out!
CFA Institute has been making a lot of changes to the exam structure, frequency and format in the last few years.
During 2021, CFA Institute suddenly announced further changes to the exam cycles for 2022-2023, which supersedes previous announcements.
The main reason for this change is to shift Level 3 away from the November cycle, given the human-grading required towards the holiday season, which would cause further delay in results announcements.
Therefore, CFA Institute has decided to increase the Level 2 testing frequency to 3x a year, and gradually swapping Level 3’s exam frequency with Level 2 in 2022-2023.
Confused? No worries, here are all the recent changes neatly summarized in the table below so you can see the evolution:
| CFA exam cycles | 2021 | 2022 | From 2023 |
|---|---|---|---|
| Level 1 | 6x this year, with exam windows available in February, March (one-off), May, July (one-off), August and November. | 4x a year, with exam windows available quarterly in February, May, August and November. | Same as 2022 |
| Level 2 | 3x a year, with exam windows available in May, August and November. | 3x a year, with exam windows available in February, August and November (new). | 3x a year, with exam windows available in May (new), August and November. |
| Level 3 | 3x this year, with exam windows available in May, August and November. | 2x a year, with exam windows available in May and August (instead of November). | 2x a year, with exam windows available in Feb (instead of May) and August. |
In summary, from 2023, CFA exams will be held quarterly for Level 1, thrice a year for Level 2 and twice a year for Level 3.
Naturally, this major upheaval created a lot of confusion especially around how the “CFA 6 months rule” works (a minimum 6 months gap between CFA exam attempts), how the different exam cycle options compare, and more importantly, how the new path to obtaining CFA charter looks like.
Well, I hope this is the one chart that explains it all!
Our handy CFA Journey Planner infographic lets you plot your route to the CFA charter at a glance.
It displays the exam slots for each Level for 2023-2026, with the next available exam intake depending on results (pass or fail). This lets you easily see what options you have and apply the “6 months rule” to understand when are the next applicable exam intakes.
Let’s run a few example scenarios:
There are a few interesting insights we can conclude from these exam schedule changes.
Nothing surprising here given the “(nearly) 6 months rule”!
With the latest exam window changes, registering for CFA Level 1 in the February exam window would offer that super fast route to pass all 3 levels in 1 year, assuming consecutive passes. This means that it is possible for good candidates to pass Level 1 February, then pass Level 2 August and finally pass Level 3 February the following year.
This is of course a high risk and high burn out strategy, so proceed with caution.
Given the increased testing frequency on every Level, CFA candidates can now complete all 3 levels faster than previously. Upon passing, candidates can progress to Level 2 and Level 3 within 6-9 months per Level.
Under the old paper-based exams (pre-2021), the fastest one could complete the CFA charter is in 18 months with 3 consecutive passes.
With the current exam schedule, passing all 3 Levels consecutively only takes 12-18 months as the norm. That said, only the February window offers the potential of a fast track route to a CFA charter in 1 year, whilst the other windows average 15-18 months assuming consecutive passes between levels.
If you’re considering Level 1 and wondering which exam cycle is best to go for, the good news is that there isn’t much speed differences across all the exam windows aside from the February exam window.
Compared to February, May and November exam cycles are slightly slower – but only by 3 months. August exam windows are the ‘slowest’ at 18 months, but this is likely the more sustainable route.
Assuming 3 consecutive passes, it takes candidates 12-18 months to complete all 3 exams regardless of the choice of exam registration window.
Given the negligible differences in speed for the 4 regular Level 1 exam windows, choose your exam slot based on your personal, work and life commitments to maximize your chances of success:
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View Comments
Hi, if take I'm trying to decide if I should take Level 2 in August or November. If August, will I be able to register for Feb 25 Level 3? Also that will only give a little over 3 months to study, so I should probably plan to take level 3 the following August. If that's they case then I should just take level 2 in November. I'd rather have more time to study Level 2 than all that extra time on level 3. Is this the correct way to plan it?
Hi JSwiz28, yes I think that's quite solid plan to allow yourself sufficient time for L2 and L3. There is no point rushing and failing, and having 3 months to study a level is a higher risk strategy.
If I appear for may 2024 for L1 then can I appear nov2024 for L2.... Do i have to take care of the date on which I take l1 so that it is 6 months away from l2...
If you pass May 2024 L1, the earliest you can go for CFA Level 2 is Nov 2024 due to the 6 months rule
I sat for Level I in November 2023, and was planning to take L2 in August 2024 (L3 in February 2025). Is there an issue with planning to take L2 in August instead of what the journey planner graphic says?
The journey planner says that for November '23 L1 test-takers, we should take L2 in May 2024 and L3 in February 2025. I figured that it's better to have more time available to prepare for L2 than for L3, especially as I won't know that I passed L1 for sure until beginning of January, but the graphic makes me think there's something I am missing here.
Hi Austinkreft, your planned path is perfectly fine (hopefully all goes well with passes). There is no issue choosing L2 August 2024 instead of May 2024. The infographic merely shows the earliest path you can take given the (minimum) '6 months rule' requirement by CFA Institute for the next level.
You are right that it's better to have more time for L2 prep, it's too tight a time to do it in 4 months (which unfortunately I personally had to go through). Hope this clarifies!
Can I go for level 1 on Regulator Scholarship in Nov-23 by applying after Sep 01.
Hi, I am planning to appear for cfa l1 in aug, 2023.So, if I apply for access scholarship in January, and if suppose I will not get the scholarship then will I be able to register with the early bird amount(USD 1200) in March for August exam.
Hi Prateek, in our tips section of this article, we've highlighted that if a scholarship application wasn't successful, applicants should still receive an early registration fee rate which is valid for a year. This was verified with CFA Institute directly by us. Hope this helps!
Hi
I am a little confused. I have appeared for CFA L1 exams in nov 2022. If I pass then can i take my cfa l2 in may 2023 and if I fail then I can reappear for l1 in may 2023 right?
Moreover would i be able to register at early registration fee of $900 if I register after my results?
Hi Kritika, yes you're right, i.e. either way you are taking a CFA exam in May 2023.
The early registration deadline for May 2023 exams was on 2 Nov 2022, so unfortunately you'll miss the early reg deadline for May 2023, since Nov 2022 results are expected to be announced in early to mid Jan 2023.
If I fail Level 3 in August 2022, can I resit in Feb 2023? I suppose so since it is 6 months away?
Yes, you can.
If I fail level 2 in August can I retake Feb 2023?
Yes. You need a minimum of 6 months before you can retake.
There is no Feb 2023 level 2 seating. Next available one is may 2023
When will Feb 2023 Registrations open for CFA L1?
Hi Samriddhi, we expect Feb 2023 registrations to open next week. Stay tuned for updates!
Thanks a lot Sophie for your quick response.
Could you also let me know about the fee structure for Feb'23 L1, since I have heard there are some changes being introduced but I'm not too sure of it?
Hi. I am registered for the L1 exam in May 2022 and intend to take the L2 exam right after in Nov 2022. However, the results for L1 are only scheduled for release in early August 2022, approximately 4 months before the November 2022 exams. Can I access L2 curriculum materials on the CFA Institute website before I register for L2 so I can start studying before results are released?
Hi Dubho, unfortunately that's the tricky part of trying to attempt the next level in 6 months, as you correctly describe, you only realistically get 4 months of study time once results are announced. CFA Institute does not provide access to study materials unless you've registered and paid, and you can only register for the next level upon passing the previous level.
I've personally done this years ago and studied for CFA level 2 in 4 months and passed. But it is pretty challenging, but doable with some discipline and sheer hard work. Hope this helps!
Hey if I fail cfa l3 conducted in nov 21 will I be eligible to retake the exam in the may 22 attempt ?
Yes you can R! Final registration deadline is 8th Feb for May 2022 exams, so make sure you register in time. Best of luck, you're so close!